Board Certified Specialist in Bankruptcy
Mortgage modifications are rare. Modifications for second mortgages present challenges of their own. Clients who are in financial difficulty are well advised to consider a Chapter 13 bankruptcy case as an option when they are current on their first mortgage but are not paying, in full and on time each month, their second mortgage (including a home equity loan or other debt secured by the … [Read more...]
Clients often ask us whether filing a bankruptcy case will affect their eligibility for student loans.Generally, these are parents who plan to seek PLUS loans for their kids’ college educations, but sometimes it is the client who plans to go back to school and needs financial assistance in order to do so. The bankruptcy code is specific The Bankruptcy Code contains a specific provision … [Read more...]
On December 13, 2011, the President signed into law H.R. 2192, the National Guard and Reservist Debt Relief Extension Act of 2011. My dad retired from the Army Reserves as a lieutenant colonel, and we are all aware of the sacrifices made by those on active duty. That’s why I’m happy that this law exempts certain military and homeland defense members from a means-test presumption of abuse … [Read more...]
After several years of speaking with our clients about loan modifications to save homes and hearing a sad litany of misinformation and outright deceptions, it has become painfully obvious that loan modifications are more smoke and mirrors than reality.Does this mean that there is nothing that homeowners can do to try to save their homes? Unfortunately, in most instances the answer is … [Read more...]
November 1, 2011 the filing fees for each chapter will be as follows:Chapter 7--$306 Chapter 11--$1,046 Chapter 12--$246 Chapter 13--$281 Chapter 15--$1,046There are other miscellaneous fee increases for certification, exemplification, audio recording, records searches, record retrieval, and returned checks.Source: http://www.wieb.uscourts.gov/ … [Read more...]
Bankruptcy Protection for Developers, Contractors, Subcontractors and Vendors Perhaps because of the stigma of bankruptcy, or desperation to hold on to something they can no longer afford, we see clients who act against their own financial interests. They do things that can’t be undone or mitigated when they finally do file for bankruptcy protection. We see this acutely in the construction … [Read more...]
Often, new client calls to our offices are prompted by the unpleasant discovery that a tax authority wiped out their bank accounts to pay back taxes. Callers want to know if there is anything they can do to get their money back (generally, it’s gone for good) and if bankruptcy is an option for their larger financial troubles. Five options for taxpayers who are unable to pay their taxes in full … [Read more...]
I’m writing this after an unusually busy day, which finds me still in the office at the late hour of 10:45 PM.I spent some of my day assisting yet another elderly client with financial problems. Surprised? Don’t be. Rick and I and our paralegals discussed at lunch today the fact that we seem to be seeing more and more elderly people with debts that they cannot pay.The causes vary … [Read more...]
While Chapter 11 bankruptcy is not as frequently employed as Chapters 7 and 13 it is appropriate in some circumstances. This post, along with the first part in the series, will answer many frequently-asked questions about Chapter 11. Q: What questions does Mitchell & Culp, PLLC ask a prospective Chapter 11 client to determine whether they should “collapse the company” or restructure in … [Read more...]
Chapter 11 bankruptcy cases by large corporations like bookseller Borders make the news more frequently than smaller companies using Chapter 11, leaving some business owners wondering whether Chapter 11 is an option for them.Chapter 11 is not as straightforward to explain as Chapter 7 or Chapter 13, so we designed this FAQ: Q: How "big" does the owner's business have to be to even consider … [Read more...]